Sun Pharmaceutical Industries Limited Max Pain Analysis
What is Max Pain?
Max Pain theory states the underlying gravitates toward the strike where option writers face minimum collective loss at expiry. For SUNPHARMA, that strike is ₹1,760. Spot at ₹1,757.5 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The options market shows a maximum‑pain strike at ₹1,760 for Sun Pharmaceutical Industries Limited. This is the price where option writers—who have sold calls and puts—would experience the smallest aggregate loss, creating a magnet effect as expiry approaches.
Spot vs Max Pain Gap
The current spot price of ₹1,757.5 sits 0.14 % below the max‑pain level, indicating a modest upward bias needed to bridge the gap. If buying pressure lifts the underlying toward ₹1,760, the gap narrows, reinforcing the pull toward the pain point.
Shift Signal
The max‑pain figure has shifted downward by 40 points from the previous day, suggesting that writers have recently re‑balanced their positions toward a lower strike. This downward adjustment signals a slightly more bearish stance among option sellers, who may be hedging against a softer price trajectory.
Expiry Context
Maximum pain is calculated by aggregating the open interest of all strikes and identifying the price that minimizes total writer loss at expiry. Historically, in the week preceding expiration, the underlying often drifts toward this level, though it remains a tendency rather than a certainty.
Data Note
The spot is ₹2.5 below the max‑pain strike with 26 days remaining until the 23 November expiry.
Data as of 2026-10-28